BMI View: Investor interest in Colombia has picked up in recent years, with key examples including the
move by Portugal's leading food retailer, Jerónimo Martins, to target Colombia ahead of other countries
such as Argentina and Brazil. We forecast strong real private consumption growth in 2014 and 2015 as a
two-year long household deleveraging cycle comes to an end. While household spending growth has
moderated since peaking in late 2011, we believe that improving labour dynamics, combined with record
low interest rates, will drive a re-acceleration in private consumption growth in 2014.